| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14832 |
| DP14832 Capital-Reallocation Frictions and Trade Shocks | |
| Andrea Lanteri; Pamela Medina; Perk Han Eugene Tan | |
| 发表日期 | 2020-05-31 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | What are the short- and medium-term effects of an import-competition shock on firm dynamics and aggregate productivity? We address this question by combining detailed data on investment dynamics of Peruvian manufacturing firms, data on trade flows from China, and a quantitative general-equilibrium model with heterogeneous firms subject to idiosyncratic shocks. In the data, we find evidence of substantial frictions that slow capital reallocation, by rendering disinvestment and firm exit costly. In our model, these frictions shape the transitional dynamics after a trade shock. On impact, a drop in output prices due to import competition induces a spike in inaction, and exit of some productive firms, consistent with our empirical evidence. These effects expand the aggregate productivity wedge relative to a frictionless benchmark. Overall, productivity gains materialize slowly over time, whereas welfare gains emerge early in the transition. |
| 主题 | International Trade and Regional Economics ; Monetary Economics and Fluctuations |
| 关键词 | Capital reallocation Investment irreversibility Trade shocks Firm dynamics |
| URL | https://cepr.org/publications/dp14832-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543766 |
| 推荐引用方式 GB/T 7714 | Andrea Lanteri,Pamela Medina,Perk Han Eugene Tan. DP14832 Capital-Reallocation Frictions and Trade Shocks. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
